Tuition Management
St. Michael’s High School (SMHS) has contracted with FACTS Tuition Management Company to perform its payment collections beginning July 1, 2011. All parents and guardians selecting quarterly, 10-month and 11-month payment options are required to establish a tuition payment account for the collection of tuition payments and incidental school charges. Parents and guardians selecting single and semiannual payment options will be required to establish a FACTS incidental payment account for the billing of incidental charges only. FACTS provides this service to more than 5,000 schools in the United States, and more than 450,000 families pay tuition though the company’s automatic funds transfer system. This system allows greater flexibility in payment plans for SMHS families, and gives our Business Office more reliable projected income figures and increased operational efficiency.
The table below identifies payment options available through FACTS Tuition Management System. Responsible parties may choose to make payments on either the 1st or 15th of the month and may pay directly from their bank accounts or credit cards. If sufficient bank funds are unavailable on the day a payment is due, a $25 late payment fee will be assessed by FACTS, in addition to a late fee of $50 by SMHS. The annual set-up fee for a FACTS tuition payment account is $46. ACH payments incur no additional processing costs; however, any credit card payment will be assessed an additional 2.5% service charge. Please be assured that neither FACTS nor SMHS will have direct access to any information pertaining to your bank or credit card accounts.The tuition payment schedule and amounts for the 2011–2012 school year are as follows:
Single Payment $7,045.00 Due July 1, 2011*
Semi-Annual Installments $3,522.50 Due July 1, 2011 & January 1, 2012*
Quarterly Installments $1,761.25 Payments due in July, October, January & April**
10 Monthly Installments $704.50 Payments begin in August**
11 Monthly Installments $640.45 Payments begin in July**
*Payments will be made by check payable to SMHS
**Payments will be made via FACTS tuition payment account
Incidental Payment Account
Parents and guardians utilizing the annual or semi-annual payment options will be required to have a FACTS incidental payment account, but SMHS will set it up on your behalf at no cost to you. The Business Office will automatically set up this incidental payment account for all annual or semi-annual payers if you checked this tuition payment schedule on your re-registration application. This account will be for the billing of incidental school charges, such as lab and activity fees. The account is for billing purposes only and will not require annual or semiannual payers to provide bank account or credit card information to establish an account. However, parents or guardians have the option of providing this information for the payment of their incidental charges, or may make payment by mailing a check directly to FACTS.
Peace of Mind Insurance
Parents and guardians have the option to purchase Peace of Mind insurance for $12 per account. The purpose of this insurance is to cover any outstanding tuition balance incurred following the death or disability of the responsible payer within the school year.